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Good day and thank you for standing by. Welcome to the Green Thumb Industries first quarter 2026 earnings call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today. Shea Capus, please proceed.

Thank you, Kevin. Good afternoon and welcome to Green Thumb's first quarter 2026 earnings call. I'm here today with founder and CEO, Ben Kohler, President Anthony Georgianis, and Chief Financial Officer, Matt Faulkner. Today's discussions and responses to questions may include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. These risks and uncertainties are detailed in the earnings press release issued today, along with the reports filed with the United States Securities and Exchange Commission and Canadian securities regulators, including our most recent annual report filed on Form 10-K. This report, along with today's earnings release, can be found under the Investors section of our website. Green Thumb assumes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call. Throughout the discussion, Green Thumb will refer to non-GAAP financial measures, including EBITDA, normalized EBITDA, and adjusted EBITDA. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is included in our earnings press release and SEC and CDAR Plus filings. Please note that all financial information is provided in U.S. dollars unless otherwise indicated. Thanks, everyone. And now, here's Ben.

Thank you, Shay. Good afternoon, everyone, and thank you for joining our first quarter 2026 conference call. We are glad to be back today, and it's pretty good timing. In April, we published our 2025 Green Thumb Annual Report, including our letter to shareholders, which was centered around the theme that chance favors only the prepared mind. Over the last few weeks, we have seen that play out in real time. We have built Green Thumb to be prepared, to listen to the consumer, and to act with discipline when opportunities arise. For those of you that might be new to the Green Thumb story, this is how Green Thumb has operated since the beginning, protecting the balance sheet, staying disciplined, and building trusted, quality brands that resonate with the consumer, including Rhythm, Dog Walkers, Incredibles, Bebo, Good Green, and Shine. and Dr. Solomon's. We focus on execution while letting our actions speak versus chest pounding or making empty promises. But our best asset, which is not even on the balance sheet, is our people. We are a people-first organization, and our team of nearly 5,000 dedicated professionals is the best in the business. Over the years, we have made meaningful investments in our dispensaries, production capabilities, and infrastructure, And today, our retail footprint spans 14 markets and 114 stores. We have built a business that generates cash, withstands pressure, and delivers well-being to millions of Americans every year through our rise dispensaries and leading brands. Green Thumb started 2026 with a strong first quarter, building on the momentum we carried out of 2025. First quarter revenue was $300 million, up 7.5% from the prior year period, compared to approximately a 1% decline in the broader industry. Normalized EBITDA was 93.5 million or 31.2% of revenue. Cash flow for operations was 76 million, and we ended the quarter with a record for GreenThumb of over $344 million in cash on the balance sheet. In addition, we spent about $80 million buying back about 13.4 million shares so far this year. We are pleased with these results, especially in a constrained environment and during a quarter typically affected by seasonal declines. The headline here remains the same, Green Thumb continues to execute well. As THC demand continues to rise, consumers are becoming more sophisticated about the category. They know what they like, they know what works, and they are coming back to the brands they trust. That is where Green Thumb continues to win. According to BDSA, which is the nation's leading data source for the cannabis industry, Our product led key categories in 2025 and continued to lead in 2026. Rhythm is the number one flower brand nationally. Rhythm's Animal Face is the number one flower SKU nationally. And Dog Walkers is the number one uninfused pre-roll in the United States. Our products are reaching consumers across categories, price points, and occasions. And that brand strength is real. It gives us durability and reinforces what we have always believed which is that quality products, trusted brands, and consistent execution win with consumers. As we look beyond Q1, there are four key areas to know about Green Thumb, and we believe each position us to drive long-term value. These are future growth, disciplined capital allocation, our strategic investment in Rhythm, Inc., and federal rescheduling. First, let's talk about the state growth opportunities. On April 1st, GreenZone was conditionally awarded a license to operate in the state of Texas. We are watching the state closely determine the right approach, and while operations would still be a few years out, the license gives us meaningful opportunity in the nation's second most populated state. We have a history of winning when we enter markets this way, and we think Texas will be no different for GreenZone shareholders. We've received growth in Pennsylvania, Minnesota, and Virginia, each for different reasons, and Anthony will talk through those shortly. For both medical and adult use markets, we have capital in the right places, and we believe we are set up for success and growth as these markets develop. Second key area for us is disciplined capital allocation. We have a history of prudent capital allocation, and that's resulted in the strong balance sheet we have today, and as I said, has over $300 million of cash and less than $200 million of debt. That balance sheet gives us flexibility, which we believe is a significant advantage in this industry. In April, our board authorized an additional $100 million for our share repurchase program, bringing the total authorization to $150 million. Since initiating our share repurchase program at the end of 2023, we have repurchased approximately 29 million shares for roughly $200 million, which is equivalent to about 12% or 13% of the company, meaning all of us own a larger piece 12 or 13% larger to be exact, of the green thumb pie. On the M&A front, we've had a history of creating value and not overreaching. The current environment has us cautious, so while we are not looking for transformational deals, we remain open to the right opportunities. The industry is capital constrained and we have cash, so we are listening and evaluating opportunities that come our way. As always, we will stay disciplined and focus on deals that make strategic sense and strengthen our positions. Our third area is Rhythm Inc. Green Thumb is a significant shareholder of Rhythm Inc., which is a NASDAQ-listed company. We view Rhythm as a strategic asset. Rhythm owns the brand intellectual property for the products Green Thumb manufactures and sells, including Rhythm, Incredibles, Dog Walkers, and Bebo. Rhythm and Green Thumb have a licensing structure in place to utilize the brand IP in state-regulated markets. and we believe that structure gives Green Thumb a noteworthy advantage and future optionality. Rhythm benefits from predictable licensing revenue tied to its brand IP, as well as a growing beverage business that includes Senorita THC margaritas, Rhythm beverages, and its first non-alcoholic THC spirit, 1777 by Senorita, which just launched last week. Even as a potential federal hemp ban looms, Rhythm's beverage business continues to reflect strong consumer demand for THC. Americans want safe, trusted THC in accessible locations. Rhythm is bringing that to life through distribution and convenience in grocery stores like Circle K and Target, and through partnerships with arenas and venues like Chicago's United Center. And finally, federal rescheduling. As medical represents approximately 50% of our business, we are encouraged by the recent movement in the rescheduling process, which moved medical cannabis from Schedule 1 to Schedule 3 of the Controlled Substances Act. For the first time in more than 55 years, the federal government took a meaningful and positive step by formally recognizing the medical value of cannabis, something our team, patients, and clinicians all over the country have known for years. The rescheduling process created a pathway for Green Thumb to submit applications to register with the DEA for certain state-licensed medical cannabis operations. We submitted last week, and we will continue to monitor for additional guidance. While rescheduling is not legalization, it is a significant and welcome step in the right direction, and we are hopeful the rest of cannabis will be rescheduled later this year. We believe the federal change that started this year marks the beginning of a broader reform and normalization for this industry. Fortunately, our preparation has positioned Green Thumb well for what comes next. Before I close, I want to remind everyone that our Green Thumb Annual Shareholder Meeting is coming up on June 16th. If anyone happens to be in Chicago, we will have a live reception at Garcia's in the West Loop following the meeting at 3.30 p.m. Central, and we would love to see you there. Now, I'll turn the call over to Anthony.